Canada
Gross Domestic Product
Contribution to quarterly change in real gross domestic product, SA
Illustrates the contribution of major expenditure components to the quarterly change in Canadian gross domestic product. Each bar decomposes the net quarterly change in real output into key categories, showing how much each component has added to or subtracted from overall growth.
Canada
Net Change in Employment
Employment, monthly change, SA, updates monthly
The Net Change in Employment measures the monthly change in the number of people employed. In Canada, the estimate includes both full-time and part-time employment and includes the number of persons who work for pay or profit, or perform unpaid family work. Markets monitor this number to gauge the strength of consumer spending, which impacts economic growth and monetary policy expectations.
Canada
Unemployment Gap
Canada-US unemployment rate gap, SA
Illustrates the difference between unemployment rates in Canada and the United States over time. The two unemployment rates are calculated differently and represent structurally-different economies, but the gap between them nonetheless highlights relative labour market slack between the two economies. Historically, widening Canadian slack relative to the US has tended to coincide with a weaker Canadian dollar (higher USDCAD) after a lag, while a narrowing gap has been associated with Canadian dollar strength.
Canada
Consumer Price Index
Consumer Price Indices, annual change, %, updates monthly
The Consumer Price Index is a measure of the change over time in the average prices paid by consumers for a market basket of consumer goods and services. As the most widely used measure of inflation, changes in the index are closely followed by policymakers, financial markets, businesses, and consumers. Statistics Canada reports an ‘All-Items’ number that includes all categories in the calculation basket, three preferred measures of core inflation preferred by the Bank of Canada: 'Trim', which excludes components whose rates of change in a given month are located in the tails of the distribution of price changes, 'Median', which corresponds to the price change located at the 50th percentile of the distribution of price changes in a given month, and 'Common', which tracks common price changes across categories. The Trim and Median measures are seasonally adjusted, All-Items and Common are not.
Canada
Policy Rate
Bank of Canada Target for the Overnight Rate, %
The Policy Interest Rate is an overnight interest rate that the Bank of Canada targets in order to influence monetary variables in the economy, including consumer prices, exchange rates, and credit growth. The Bank of Canada adjusts the target for the overnight rate on eight fixed dates each year.
Canada
Money Supply Growth
M2 Money Supply, annual change, %, SA, updates monthly
M2 Money Supply is a measure of currency that includes cash, checking deposits, and non-cash assets that can easily be converted into cash. Markets don’t typically respond directly to changes in M2, but growth in the money supply can influence inflation, interest rates, and exchange rates over longer time horizons.
Canada
Bank of Canada Assets
Bank of Canada Total Assets, billions CAD, updates monthly
The Bank of Canada’s Balance Sheet is a financial statement that shows what the central bank owes and owns. The Bank’s assets consist primarily of Government of Canada and provincial bonds. Its liabilities are mostly currency in circulation, commercial bank reserves, and collateralized reverse repurchase agreements. The balance sheet is used to influence interest rates – when officials want to stimulate the economy, it expands, and when they wish to tighten financial conditions, it shrinks.
Canada
Debt Ratios
Credit to General Government, Non-Financial Corporate, and Household Sectors, % of gross domestic product at market value, updates quarterly
Aggregate Debt Ratios measure the total borrowing of the general government, non-financial corporate, and household sectors, expressed as a share of gross domestic product. Total debt is followed by investors as a gauge of the vulnerability of an economy to financial shocks. An overly fast pace of debt growth is also frequently associated with a buildup of unproductive investment and excessively high asset valuations.
Canada
Trade Balance
Trade Balance, balance of payments basis, billions CAD, SA, updates monthly
The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported – generating a trade surplus – and a negative number indicates a deficit. Trade imbalances may reflect fleeting differences in growth rates or more permanent factors in the composition of growth or the endowment and price of natural resources.
Canada
International Investment Position
Credit to General Government, Non-Financial Corporate, and Household Sectors, % of gross domestic product at market value, updates annually
The Net International Investment Position is the difference between the external financial assets and liabilities of a nation. A nation with a positive position is a creditor nation and is generally considered a safe haven in financial markets. A nation with a negative position is a debtor nation, with deeper balance of payments vulnerabilities.
Latest Analysis
Sentiment vs reality
31 March, 2026
• Positive vibes. ‘Glass half full’ markets buoyed by US/Iran comments. US equities rose, oil fell. USD weaker. AUD & NZD claw back some lost ground.• Economic reality. Still more water...
Market stress eases on reports of a potential shift in US Mideast strategy
31 March, 2026
Financial markets are staging yet another relief rally after the Wall Street Journal reported that Donald Trump is considering declaring victory in the Iran conflict without establishing control over the...
Mideast conflict deepens, threatening global markets
30 March, 2026
The dollar is on course for its strongest monthly performance since July and Brent crude is tracking what could be a record monthly gain as the US-Israeli war against Iran devolves into a protracted regional...
War, what is it good for?
29 March, 2026
• Conflict concerns. Risk sentiment negative. Oil prices higher. Equities lower. USD edging up. AUD & NZD on the backfoot. AUD ~4.7% from its March peak.• Global economy. More volatility likely. Impact...
Rattled markets
26 March, 2026
• Negative vibes. Ongoing concerns about the Middle East conflict weighed on sentiment. Equities lower, oil & yields higher. USD firmer. AUD under pressure.• Twists & turns. Situation in Middle...
Iran optimism fades, leaving FX markets bracing for more turbulence
26 March, 2026
Good morning. Risk appetite is deteriorating across the financial system as the Middle East conflict shows little sign of easing ahead of President Trump’s deadline for resuming military strikes...
Markets rally on peace hopes
25 March, 2026
A wave of cautious optimism is washing over financial markets after the United States reportedly offered Iran a 15-point peace plan, reinforcing the belief that Washington is looking for an exit from the...
Oil prices retrace higher as Mideast conflict continues
24 March, 2026
Energy prices are ratcheting higher once again as fighting in the Middle East rages unabated, suggesting that President Donald Trump’s efforts to find a diplomatic off-ramp have not met with success thus...
Twists & turns
23 March, 2026
• Risk reversal. Comments by Pres. Trump saw oil prices fall & sentiment improve. USD weaker. AUD ticked up, but AUD also underperforms on crosses.• Fragile markets. Situation in Middle East remains...
Markets stage violent reversal after Trump signals de-escalation in Iran conflict
23 March, 2026
Oil prices are tumbling and currency markets are snapping back toward pre-war levels after President Donald Trump said that Washington and Tehran had held “very good and productive conversations”...